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    Question

    Mandar has two grandsons Ketan and Tushar. 11 year old

    Ketan gets some money from Mandar’s wealth and 12 year old Tushar gets rest of the money. But Ketan and Tushar will get money only when they turn 22 years old. Till then the money is in a bank getting interest at rate 8% compounded annually. When both turn 22, they receive the same amount. How much had Mandar given Tushar (in ₹) initially, if total money with Mandar was ₹24700?
    A 11625 Correct Answer Incorrect Answer
    B 13175 Correct Answer Incorrect Answer
    C 12825 Correct Answer Incorrect Answer
    D 11875 Correct Answer Incorrect Answer

    Solution

    Let Ketan’s initial share = K Tushar’s initial share = T K + T = 24700 Ketan: 11 → 22 ⇒ 11 years at 8% Tushar: 12 → 22 ⇒ 10 years at 8% Equal amount at 22: K(1.08)^11 = T(1.08)^10 ⇒ K(1.08) = T ⇒ T = 1.08K Now, K + 1.08K = 24700 2.08K = 24700 K = 11875 T = 1.08 × 11875 = 12825

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